MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	WINGLORIUS LIMITED
Registered Office :	7 25 Martiou, 1st Floor, Apt/Off. 101, Egkomi, 2408, Nicosia
Country :	Cyprus
Financials (as on) :	31.12.2011
Date of Incorporation :	19.08.2009
Com. Reg. No.:	C25392
Legal Form :	Limited Company
Line of Business :	Import and distribution of many different kinds of fashion products, such as shoes, electrical appliances, and many other species as garden products and agricultural products, machinery
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Cyprus	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Basic Information

Registered Name WINGLORIUS LIMITED

English Name WINGLORIUS LIMITED

Registered Address 7 25 Martiou, 1st Floor, Apt/Off. 101, Egkomi, 2408, Nicosia, Cyprus

Headquarters: 2 Giannou Kranidioti Avenue, Larnaka, Cyprus

Telephone +35724669006

E-mail winglorius@cytanet.com.cy

WebSite http://www.winglorius.com.cy

Legal Type Limited Company

Registration No C253920 Registration Date 19/08/2009

Start Date 19/08/2009 Years of Operation: 3

Latest Annual Account Date 01/12/2011

Last return 22/08/2011

CINFO ID: CYC23222435

Summary

Employees May 2012

Company

Total Number 5

Financial Summary December 2011 December 2010

EUR EUR

Revenue Sales 118920.00 1260.00

Pre Tax Profit 82572.00 -10.00

Working Capital 83519.00 947.00

Total Equity 83519.00 947.00

Long Term Debts

Trend - -

Payment

Assessment: Average Risk

Payment Habits: NO COMPLAINTS A check against all available information sources revealed that no late payment incidents against Subject Company exist.

Good for amount and terms of inquiry: Too high Its safer to split the amount in several lots.

Commercial morality Moderate

Financial strength Moderate

Business History

Date Event Name Old Value New Value

19/08/2009 Change of name L.L.I. LABORATUM LITERATORUM ILLUMINATORUM LIMITED WINGLORIUS LIMITED

Capital

Authorized Capital 1,000.00 EUR Issued Capital 0.00 EUR

Nominal No Of Shares 1,000.00 Issued No Of Shares 1,000.00

Nominal value 1.00 EUR Paid Up 1,000.00 EUR

Corporate Structure

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

KAMPOURIS VASILEIOS

Director

(-)

22/08/2011

No

Terma Faistou, Kato Ahaia, 25200, Patra, Greece

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

PETRIDOU CHRYSTALLA

Company Secretary

(-)

19/08/2009

No

7 25 Martiou, 1st Floor, Apt/Off. 101, Egkomi, 2408, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

KAMPOURIS VASILEIOS

(-)

GREEK

1000

100

-

-

-

Terma Faistou, Kato Achaia, 25200, Patra, Greece

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Line of Business

The company in question was established in order to get involved with the import and distribution of many different kinds of fashion products, such as shoes, electrical appliances, and many other species as garden products and agricultural products, machinery. In general, the Subject is working with chain stores, large wholesalers, large retailers and supermarkets.

Please note that the subject has 4 vehicles including: 4 cars; which are used in the running of the business.

Export to	Percentage
Bulgaria, Greece, Italy, Romania

Export Terms	Percentage
Special agreements

Import from	Percentage
China, India, Pakistan

Import Terms	Percentage
Special agreements

Premises
		Type	headquarters
Address:	2 Giannou Kranidioti Avenue, Larnaka, Cyprus
Headquarters comprise of	Offices
Headquarters are	Rented
		Type	warehouse
Address:	7 25 Martiou, 1st Floor, Apt/Off. 101, Egkomi, 2408, Nicosia, Cyprus
Headquarters comprise of	Warehouse
Headquarters are	Rented

Banks

BANK OF CYPRUS PUBLIC COMPANY LIMITED

51 Stasinou, Ayia Paraskevi, Strovolos, 2002, Nicosia, Cyprus

Charges

No Date registered Date prepared Type Description/No Amount Sequence Beneficiary

0 N/A N/A N/A N/A N/A N/A No charges found

Negatives

No negative data

Financial Statement

Corporate financial statement

Financial Figures are Individual

Balance Sheet	December 2011	December 2010
	EUR	EUR

FIXED ASSETS
Total fixed assets	0	0
CURRENT ASSETS
Trade and other receivables	87134
Cash and cash equivalents	379	1347
Total current assets	87513	1347
Total assets	87513	1347
CAPITAL AND RESERVES
Share capital	1000	1000
Retained earnings	82519	-53
Total equity	83519	947
LONG-TERM LIABILITIES
CURRENT LIABILITIES
Other Accounts	3994	400
Total Current Liabilities	3994	400
Total liabilities	3994	400
Total equity and liabilities	87513	1347

Profit/Loss Account	December 2011	December 2010
	EUR	EUR

Sales	118920	1260
Cost of goods sold	30988	840
Gross profit	87932	420
Administrative expenses	5357	429
OPERATING PROFIT/LOSS	82575	-9
Finance costs	3	1
Profit/Loss before income tax	82572	-10
Profit/Loss for the year	82572	-10

Key Ratios

December 2011

December 2010

PROFITABILITY RATIOS
Gross Profit margin on sales	0.74	0.33
Return on assets (ROA)	0.69	-0.01
LIQUIDITY RATIOS
Current Ratio	21.91	3.37
TURNOVER RATIOS
Sales to Net Working Capital Ratio	1.42	1.33
Total assets turnover (times)	1.36	0.94

Additional Information

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence

iii. Desk Research

iv. Search through Internet Subscription Databases (Business Information)

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database

The company in question was established in order to get involved with the import and distribution of many different kinds of fashion products, such asshoes, electrical appliances, and many other species as garden products and agricultural products, machinery. In general, the Subject is working withchain stores, large wholesalers, large retailers and supermarkets.

We contacted the company in question and talked to Mr Vasilios Kampouris who confirmed the details of this report. Financial statements provided in thisreport were obtained from the Subject's accountant Mr Nicolas Pais.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, utility bills, bankruptciesetc exist.

COUNTRY DEVELOPMENTS:

On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.

On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs."The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July.

Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus. On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.

The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year.

Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).

Contact Information
Name:	Mr Vasilios Kampouris
Quality:	company
Title:	director
Confirm general details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.